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Insurance Licensing NJ-Life-Producer Exam Syllabus Topics:

SectionObjectives
State Regulations (New Jersey)- Insurance laws and ethics
  • 1. Unfair trade practices
    • 2. Producer licensing requirements
      Life Insurance and Annuities- Annuity basics
      • 1. Fixed annuities
        • 2. Variable annuities
          Life Insurance Fundamentals- Policy provisions and clauses
          • 1. Grace period
            • 2. Incontestability clause
              - Types of life insurance policies
              • 1. Whole life insurance
                • 2. Universal life insurance
                  • 3. Term life insurance
                    Underwriting and Policy Issuance- Risk classification
                    • 1. Moral hazard and adverse selection
                      • 2. Medical underwriting factors

                        Insurance Licensing New Jersey Life Producer Sample Questions:

                        An agent's underwriting duties include which of the following?

                        • A. Issuing the policy.
                        • B. Declining or accepting an application.
                        • C. Setting premium amounts.
                        • D. Completing all applications and collecting initial premiums.
                        Reveal Solution  Discussion  0

                        Correct Answer: D  🗳️

                        Explanation: Only visible for PassLeaderVCE members. You can sign-up / login (it's free).

                        For a New Jersey insurance producer to charge a prospective insured for analyzing insurance coverages, there must be a reasonable relationship between the fee and the

                        • A. Average premium of the policies analyzed.
                        • B. Average face amount of the policies analyzed.
                        • C. Nature of the services performed.
                        • D. Total commission earned on the coverages purchased.
                        Reveal Solution  Discussion  0

                        Correct Answer: C  🗳️

                        Explanation: Only visible for PassLeaderVCE members. You can sign-up / login (it's free).

                        An owner of a life insurance policy may transfer ownership temporarily with

                        • A. A beneficiary assignment.
                        • B. A transfer assignment.
                        • C. A collateral assignment.
                        • D. An absolute assignment.
                        Reveal Solution  Discussion  0

                        Correct Answer: C  🗳️

                        Explanation: Only visible for PassLeaderVCE members. You can sign-up / login (it's free).

                        Which of the following statements is correct about an employment agreement between two producers?

                        • A. It is nonbinding.
                        • B. It must be witnessed by two disinterested parties.
                        • C. A copy must be filed with each producer's attorney.
                        • D. It must be in writing.
                        Reveal Solution  Discussion  0

                        Correct Answer: D  🗳️

                        Explanation: Only visible for PassLeaderVCE members. You can sign-up / login (it's free).

                        Generally, if an application is not prepaid, the effective date of coverage begins on the date the

                        • A. Producer delivers the policy and collects a premium.
                        • B. Application is signed.
                        • C. Company underwriter approves the risk.
                        • D. Application is postmarked and mailed to the insurer.
                        Reveal Solution  Discussion  0

                        Correct Answer: A  🗳️

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